MUMBAI Aug 27 Ratan Tata, the former chairman
of India's salt-to-steel Tata conglomerate, has bought a stake
in Indian online retailer Snapdeal, the company said on
Wednesday, joining a list of funds who have invested in the
country's growing e-commerce industry.
Snapdeal, an online marketplace that facilitates
transactions between third party suppliers and customers, did
not give the size or financial details of the deal.
Tata joins investors including Singapore sovereign wealth
fund GIC Private Ltd, Tiger Global Management LLC and Accel
Partners, who have invested in Indian online retailers, betting
on growth in the $13 billion e-commerce sector.
Indian online firms have been raising funds to compete with
bigger rival Amazon.com Inc and expand as more Indians
Snapdeal raised $100 million earlier this year from five
investors including Singapore's Temasek Holdings.
Flipkart, the country's largest online retailer, raised $1
billion last month to scale up and counter increasing
competition, while Amazon.com has said it would invest more than
$2 billion in the country.
(Reporting by Aman Shah in Mumbai, editing by Louise Heavens)